Canola rallied to close higher Wednesday with bargain buying and support from soy oil.
Wheat also rose on thoughts that recent declines were overdone.
Old crop soybeans were up slightly but new crop dipped on good Midwest growing weather.
Corn fell on good growing conditions in the U.S. Midwest.
Crusher buying and a slightly weaker loonie also supported canola. The Canadian dollar is down more than a half cent from where it was late last week.
Canola had dropped about 9.5 percent since mid May on seeding progress. Soy oil had also fallen sharply and is bouncing back a bit with unwinding of some long soymeal/short soyoil spreads.
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U.S. grains: Corn, soybeans extend losses as Midwest weather looks crop-friendly
Chicago Board of Trade corn futures extended session losses on Tuesday, weighed down by forecasts for crop-friendly rain in U.S. grain belts this week.
Another factor that might be at work is the forecast for cool mornings on Friday and Saturday particularly in the western Prairies, leading to the potential for frost in some places.
Also, southwestern Manitoba and southeastern Saskatchewan continue to struggle with the weather. Rain today made it hard to make progress and more rain is expected as the week progresses.
There were reports of an exceptionally heavy thunderstorm last night creating local flooding west of Assiniboia, Sask.
Heavy rain and storms in central and southern parts of the Midwest yesterday did some damage to young corn plants, but mostly the moisture was expected to benefit the crop.
It looks to be wet over the next three days in the southern part of the Midwest and eastern part of the U.S. Plains. The market generally thinks rain makes grain, but I wonder if it could increase disease pressure and hurt the quality of the red winter wheat crop?
Most reports from Russia and Ukraine say they expect excellent crops but some analysts continue to note that it has been dry in the western parts of Russia
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2014 460.60 +6.70 +1.48%
Canola Nov 2014 463.20 +4.40 +0.96%
Canola Jan 2015 469.10 +4.20 +0.90%
Canola Mar 2015 471.50 +4.20 +0.90%
Canola May 2015 473.30 +4.20 +0.90%
Milling Wheat Jul 2014 204.00 +2.00 +0.99%
Milling Wheat Oct 2014 205.00 +2.00 +0.99%
Milling Wheat Dec 2014 208.00 +1.00 +0.48%
Durum Wheat Jul 2014 251.00 unch 0.00%
Durum Wheat Oct 2014 242.00 unch 0.00%
Durum Wheat Dec 2014 244.00 unch 0.00%
Barley Jul 2014 145.00 unch 0.00%
Barley Oct 2014 145.00 unch 0.00%
Barley Dec 2014 147.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jul 2014 1482.5 +1.25 +0.08%
Soybeans Aug 2014 1416.75 +2.25 +0.16%
Soybeans Sep 2014 1269.5 -3.75 -0.29%
Soybeans Nov 2014 1217.25 -4.5 -0.37%
Soybeans Jan 2015 1223.25 -4.5 -0.37%
Soybeans Mar 2015 1227.5 -4.25 -0.35%
Soybean Meal Jul 2014 496.5 -3.1 -0.62%
Soybean Meal Aug 2014 467.5 -3.2 -0.68%
Soybean Meal Sep 2014 425.4 -5.4 -1.25%
Soybean Oil Jul 2014 39.25 +0.9 +2.35%
Soybean Oil Aug 2014 39.36 +0.9 +2.34%
Soybean Oil Sep 2014 39.38 +0.85 +2.21%
Corn Jul 2014 456.25 -2 -0.44%
Corn Sep 2014 452.25 -1.75 -0.39%
Corn Dec 2014 453.5 -0.75 -0.17%
Corn Mar 2015 463.25 -0.25 -0.05%
Corn May 2015 469.5 -0.75 -0.16%
Oats Jul 2014 360.75 +1.75 +0.49%
Oats Sep 2014 340.75 -2.25 -0.66%
Oats Dec 2014 327.75 -5 -1.50%
Oats Mar 2015 320.5 -3.5 -1.08%
Oats May 2015 319.25 -1.5 -0.47%
Wheat Jul 2014 614.5 +2 +0.33%
Wheat Sep 2014 625 +2 +0.32%
Wheat Dec 2014 646.5 +1.25 +0.19%
Wheat Mar 2015 664 +0.75 +0.11%
Wheat May 2015 673.75 +1.25 +0.19%
Minneapolis
Spring Wheat Jul 2014 689.5 +5 +0.73%
Spring Wheat Sep 2014 697.75 +4.5 +0.65%
Spring Wheat Dec 2014 709 +4 +0.57%
Spring Wheat Mar 2015 717.5 +3 +0.42%
Spring Wheat May 2015 722 +3.25 +0.45%
Kansas City
KC HRW Wheat Jul 2014 713.5 +5.75 +0.81%
KC HRW Wheat Sep 2014 720.5 +4.75 +0.66%
KC HRW Wheat Dec 2014 732.25 +5.5 +0.76%
KC HRW Wheat Mar 2015 737.5 +5.25 +0.72%
KC HRW Wheat May 2015 736.5 +4 +0.55%
Light crude oil nearby futures in New York dropped 2 cents at $102.64 US per barrel.
The Canadian dollar at noon was 91.43 cents US, down from 91.62 cents the previous trading day. The U.S. dollar at noon was $1.0937 Cdn.
The Toronto Stock Exchange composite and major U.S indexes were higher at the close of trade. The closing index levels will be posted later.
